Indiana § 24-4.5-3-604 Limitation on default charges in consumer related loans

Indiana Statutes

§ 24-4.5-3-604 — Limitation on default charges in consumer related loans

Indiana § 24-4.5-3-604

Art. 4.5UNIFORM CONSUMER CREDIT CODE

Ch. 3Loans

This text of Indiana § 24-4.5-3-604 (Limitation on default charges in consumer related loans) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 24-4.5-3-604 (2026).

Text

Limitation on Default Charges in Consumer Related Loans —

(1)The agreement with respect to a consumer related loan may provide for only the following charges as a result of the debtor's default:

(a)reasonable attorney's fees and reasonable expenses incurred in realizing on a security interest;

(b)deferral charges not in excess of twenty-five percent (25%) per year of the amount deferred for the period of deferral; and

(c)other charges that could have been made had the loan been a consumer loan.

(2)A provision in violation of this section is unenforceable. Formerly: Acts 1971, P.L.366, SEC.4. As amended by Acts 1982, P.L.150, SEC.7; P.L.73-2016, SEC.13.

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Limitation on Default Charges in
Consumer Related Loans — (1) The agreement with respect to a
consumer related loan may provide for only the following charges as
a result of the debtor's default:
(a) reasonable attorney's fees and reasonable expenses incurred in
realizing on a security interest;
(b) deferral charges not in excess of twenty-five percent (25%)
per year of the amount deferred for the period of deferral; and
(c) other charges that could have been made had the loan been a
consumer loan.
(2) A provision in violation of this section is unenforceable.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by Acts
1982, P.L.150, SEC.7; P.L.73-2016, SEC.13.